KeyBank Review: Account Good for You?
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Are you looking for a no-frills checking account or maybe a bank that offers relationship banking services/interest rates? You may have found your fit with KeyBank.
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Key Smart Checking® - $300 Bonus | |||
Overall Score | 3.3 | ||
Savings | 2.0 | ||
CD | 3.5 | ||
Checking | 3.5 | ||
Money Market | 2.5 | ||
Mobile App | 4.5 | ||
Customer Service | 4.0 | ||
Pros and Cons
- Key Financial Wellness Review tool
- Free checking option
- 24/7 customer service
- Limited branches
- High account fees
Bottom Line
Bank with a variety of deposit products and great financial tools
This Cleveland-based bank has a large variety of checking, savings, and CD products to help you manage your money and help it grow. Whether you are just starting out and need a basic checking account or you have a lot of money to deposit and want to earn decent interest on it, KeyBank may have solutions for you.
Before you open an account, read this review to see if KeyBank is a good fit for you.
Services Offered
Checking
You can open a checking account with KeyBank online. It takes just a few minutes. They do offer a variety of ways to waive the monthly fees, and they have accounts that offer premium interest rates too. Each checking account comes with a KeyBank debit MasterCard and access to online/mobile banking.
- Key Smart Checking: This is a basic checking account with no monthly maintenance fees and no minimum balance requirement. You can open this non-interest-bearing account with just $10. You'll get paper checks and digital features with this account.
- Key Select Checking: This is an interest-bearing checking account that offers money-saving features. Although this account charges a $25 monthly service fee, there are ways to get this waived: You need at least $15,000 in combined KeyBank deposit accounts OR have direct deposits of at least $5,000 a month, OR be a Key@Work program member and have at least $3,000 in direct deposits during each statement cycle.
- KeyBank Hassle-Free Account: If you've jumped on the digital bandwagon, you may love this checkless checking account. That's right—you don't get checks with this account. Instead, you have access to online bill pay and online transfers. You can even pay friends and family digitally. You need $10 to open this account, but you don't have to meet minimum balance requirements. You also won't pay a monthly maintenance fee or overdraft charges on this account.
Key Smart Checking® - $300 Bonus
- Open a Key Smart Checking® account online by May 16, 2025.
- Make the minimum opening deposit of $10, plus one single eligible direct deposit of at least $1,000 within the first 60 days of account opening.
- Your $300 cash bonus will be deposited into your account within 60 days of meeting requirements. Account must not be closed at the time of gift payment.
Compare Checking Account Promotion
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 05/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
BMO Smart Advantage Checking Account - Earn $350 Cash Bonus*
$350 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Chase Mobile® app - Manage accounts, pay bills, send money to friends with Zelle® and deposit checks from almost anywhere.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Help keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
Savings
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The KeyBank savings accounts give you access to online banking and the KeyBank ATM network. Each savings account may also be used to link to your KeyBank checking account(s) to be used for overdraft protection.
- Key Active Saver Account: You can open this simple savings account with just $10. With this account, you can set up automatic savings so you can set money aside every time you make a debit card purchase. To avoid the $4 monthly service fee, you'll simply need to pair it with a consumer checking account with KeyBank.
- Key Select Money Market Savings Account: You'll get more from your savings with this high-yield money market account with tiered interest rates. It requires a $5,000 minimum opening deposit and a $20 monthly maintenance fee which can be waived if you have either a premium KeyBank checking account, or if you maintain a minimum daily balance of $25,000.
- Health Savings Account: If you have high medical costs, you can save money pre-tax and withdraw the funds for approved use tax-free. You must have a high deductible medical plan in order to qualify (and not be on Medicare).
- Key4Kids Savings Account: Kids ages 18 and under can open this savings account to learn how to start saving. They need just $10 to open the account and there is no monthly service fee. It does earn interest and they have access to online/mobile banking too.
Compare Savings Accounts
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
High Yield Savings Account - 4.25% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
CDs
- Key Short Term CDs: The terms range between 7 days and 6 months on these CDs. You need $2,500 to open the account. Your money will automatically roll over into another term upon maturity unless you direct the bank to do otherwise.
- Key Tiered Long-Term CDs: Earn slightly more interest on CDs with terms between six months and 10 years and at least a $2,500 deposit. The interest is fixed for the term and the money will automatically roll over into another CD of the same term at the current market rate if you desire.
- Key High Yield Jumbo CDs: If you have $100,000 or more, you can earn the highest interest rates with this CD program. It has maturity dates starting at just seven days and offers the ability to roll the money over into another equal term CD at maturity.
Compare CD Rates
High-Yield CD Rates - Up to 4.30% APY
- No fees
- $1 minimum deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 3 Month | 4.30% APY |
| 5 Month | 4.10% APY |
| 6 Month | 4.30% APY |
| 9 Month | 3.95% APY |
| 12 Month | 3.95% APY |
12-Month High-Yield CD - 4.00% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- NCUA insured
12-Month No-Penalty CD - 3.90% APY
- $1 minimum deposit
- 24/7 online access
- Federally insured by NCUA
Reasons We Like KeyBank
- Know your Financial Wellness. You can get a picture of your financial wellness with the Financial Wellness Review tool. This program helps you better understand and see the entire picture of your finances. You'll get personalized advice from an experienced banker to help you reach your financial goals.
- Lots of financial tools. You have access to a variety of tools and calculators to help you stay financially secure. A few options include an accelerated debt payoff calculator, college savings calculator, and personal debt payoff calculator, but there are seven more tools just for savings you can utilize, not to mention loan and retirement tools.
- Short-term CDs. You have access to very short-term CD options. If tying up your funds for the long term scares you, try out a short-term CD. You can earn a higher rate of interest, even if it's only for 7 days. This may motivate you to find a way to tie up a portion of your funds for longer periods to earn the higher interest.
- Relationship rates. You can increase the interest you earn just by opening a relationship account. KeyBank offers a variety of relationship accounts, some of which don't have crazy high minimum balance requirements. This gives you access to higher interest rates and more benefits than if you opened a standard checking/savings account.
- Free mobile banking. You can use the KeyBank mobile app to conduct a variety of banking transactions. This includes depositing your checks from your phone, paying bills, managing your funds, and making transfers.
- 24/7 customer service. You can contact customer service via phone 24 hours a day, 7 days a week. Just call 1-800-KEY2YOU to get answers to your banking questions. They also offer live chat during the hours of 7 AM to 10 PM (Monday-Friday) and 9 AM to 5:30 PM (Saturday and Sunday).
- Bank by text. You can utilize "text banking" to get quick answers about your account. You must opt into the service in your online banking portal. Once you do, you can get information on your account balances and account history.
- Overdraft protection services. You can set up overdraft protection in three ways. You can link a KeyBank savings account, apply for a KeyBank Preferred Credit Line, or link your KeyBank credit card to your checking account. If you spend more than your checking account balance, KeyBank will take the funds from your linked account. This prevents the risk of overdraft charges and/or bounced checks.
- FDIC Insured. Your money is protected with FDIC insurance. Each account has coverage up to $250,000; should KeyBank go out of business, your money is protected.
Reasons You May Want to Look Elsewhere
- High service fees. The monthly service fees on KeyBank's checking accounts are generally higher than other banks. If you don't meet the requirements to waive the fee a few times a year, the fees can really eat at your profits, defeating the purpose of trying to earn interest on your money.
- Accessibility. If you don't live in one of the 15 states they are located in, you can't open an account. KeyBank is located in Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.[1]
- Miscellaneous banking fees. KeyBank tends to charge excessive fees. Make sure you read the fine print on your chosen account, as you could end up paying for paper statements, using a non-KeyBank ATM, and other standard banking transactions.
Your KeyBank routing number will depend on the state you opened the account. You can find your routing number on the bottom left-hand side of your checks.
How It Compares
Wells Fargo:
Wells Fargo has more than 10 times the number of ATMs as KeyBank and they are located in 39 states. Like KeyBank, Wells Fargo offers 24/7 customer service. Wells Fargo does have fewer options for a savings account than KeyBank and their interest rates tend to be low, as is common for big-name banks.
PNC:
Located on the East Coast, PNC is focused on helping clients budget their money. They offer what they call the Virtual Wallet, which is a combined checking and savings account. They are also the most common bank to be found on college campuses, and they try to heavily influence college students to learn and understand how to save, budget, and invest.
You might also consider:
CIT Bank Platinum Savings - $225 Bonus
- Transfer a one-time deposit of $25,000 - $49,999.99 for a Bonus of $225
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
CIT Bank Platinum Savings - 4.10% APY
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Discover® Online Savings - $150 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
Bottom Line
If you are looking for a mid-size bank with good customer service and a decent number of deposit accounts, you may have found your fit with KeyBank. As long as you live in one of the 15 states that the bank resides in and you understand the costs involved with each account, it could be a viable way to help you get control of your finances.
References
- ^ KeyBank. KeyBank Branch & ATM Locations, Retrieved 8/29/2023
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Chase Mobile® app - Manage accounts, pay bills, send money to friends with Zelle® and deposit checks from almost anywhere.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Help keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
U.S. Bank Business Essentials - $500 Bonus
Promo code Q2AFL25 MUST be used when opening a U.S. Bank Business Essentials, Silver, or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Earn your $500 Business Checking bonus by opening a new U.S. Bank Business Essentials or Silver Business Checking account between 4/3/2025 and 6/30/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 05/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
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